EverGen Infrastructure (EVGN) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked a period of transition and significant financial improvement, with revenue up 38% and net loss reduced by 42% year-over-year, following recapitalization and operational optimization.

• Achieved record RNG production and operational milestones, including regulatory approvals and a 20-year offtake agreement with FortisBC.

• Strengthened balance sheet through refinancing, new debt facilities, and private placements, materially delevering the balance sheet.

• Shareholder base is now 72% board, management, and institutional investors, providing strong support.

Financial highlights

• Q1 2026 revenues rose 38% year-over-year to $2.63 million, driven by higher volumes at composting facilities and increased RNG production.

• Net loss narrowed to $0.70 million from $1.20 million, a 42% improvement year-over-year.

• Adjusted EBITDA reached $0.87 million, up 93% from Q1 2025, reflecting operational improvements.

• Cash and equivalents grew to $2.83 million, up 88% year-over-year.

• Working capital improved to a surplus of $2.1 million at Q1 2026, from a deficit of $1.9 million a year earlier.

Outlook and guidance

• Near-term RNG production target is 230,000 gigajoules, with medium-term target at 330,000 GJ and long-term goal exceeding 500,000 GJ.

• Growth supported by expansion projects like PCR RNG and favorable regulatory environment.

• Long-term growth driven by a robust pipeline of organic and greenfield projects, including Project Radius in Ontario.

• Management expects continued revenue growth and scaling of RNG production, supported by recent regulatory and financing milestones.